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Cryptocurrencies are generally continuing the day with losses exceeding 6%, and BTC is around $63,000. It feels like a nightmare, but it’s real. There are many positive developments, and significant events expected in the coming months should increase motivation. Interest rate cuts, November elections, increased adoption through ETFs, and much more. However, crypto has not received sufficient attention for months.
Ethereum (ETH)
BTC tried to exceed $70,000 six times and failed six times. After each failure, altcoins fell, but when a new attempt came, altcoins could not recover proportionally. This causes altcoins to continuously decline as BTC moves one step forward and one step back.
The largest altcoin by market value, ETH, is hovering around $3,000 as if ETFs by the world’s largest asset managers have not been launched. According to the Deribit Insights report, ETH will rise. The 10-year derivatives exchange expects significant institutional interest after the Ethereum ETF launch.
On July 30, we experienced one of the few net inflow days, with $33.6 million entering ETH ETFs. On July 31, things turned around again. ETHE sales are happening much faster than the GBTC sales that started in January. The negative premium was higher here, and there was a more attractive profit margin. So, we might soon see something similar for ETH as we did for BTC in the first quarter when GBTC sales slowed, and BTC prices increased. At least, when compared to BTC ETFs, the exit rate suggests this.
How Much Will Ethereum (ETH) Be Worth?
The Deribit report highlights the support at $2,860 for Ethereum (ETH). According to the report, this level is very resilient, and with the potential in the ETH channel, ETH could see new highs soon. ETH last exceeded $4,000 on March 14. However, due to geopolitical tensions, it is currently around $3,000.
If the strong pressure on crypto decreases with Harris’s return, net inflows in the ETH ETF channel, Trump’s support, and institutional BTC ETF purchase reports expected by mid-August, ETH could see $4,000 again.
